SYS-CON MEDIA Authors: Pat Romanski, Elizabeth White, Glenn Rossman, Cynthia Dunlop, Peter Silva

News Feed Item

Republic First Bancorp, Inc. Reports Financial Results For 2013

PHILADELPHIA, March 21, 2014 /PRNewswire/ -- Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2013.  

Republic Bank Logo.

Net income from operations, excluding special charges, was $4.3 million for the year ended December 31, 2013, which represents an 18% increase over the amount recorded for the year ended December 31, 2012.  Special credit charges and a legal settlement totaling $7.8 million were recorded during 2013 in an effort to resolve the significant issues lingering from the old Republic Bank model.

"I am pleased to report that 'The Power of Red is Back' and the new Republic Bank is poised for dramatic growth," said Harry D. Madonna, the Company's Chairman and Chief Executive Officer. "Our South Jersey expansion got off to a tremendous start with the recent grand opening of our new and distinctive glass store in Cherry Hill, NJ.  The relocation of our Media, PA store to a prime location during the fourth quarter of 2013 has already demonstrated terrific results.  And the renovation of our store in the heart of Center City Philadelphia is well under way."

"The Power of Red is Back" is an aggressive expansion plan beginning in Southern New Jersey and continuing throughout Metro Philadelphia. The Company has plans for additional stores in Marlton, Moorestown, Mount Holly, Medford, Glassboro, Washington Township and a second store in Cherry Hill.

Including special charges, the Company recorded a net loss of $3.5 million, or $(0.13) per share, for the year ended December 31, 2013 compared to net income of $3.6 million, or $0.14 per share, for the year ended December 31, 2012.

"We view 2013 as the final year to deal with issues originated under the old Republic Bank model," added Madonna. "The charges taken over the past year have enabled us to improve asset quality, strengthen the balance sheet and resolve an outstanding legal matter that hung over our heads.  2014 is the beginning of a new chapter for Republic Bank which is rooted in extraordinary Customer service.  The steps taken over the last year will enable us to focus all efforts on rolling out our Customer-centric model to the many new Fans who await us."

The following is a reconciliation of net income from operations to net income determined under GAAP for the year ended December 31, 2013 net income compared to December 31, 2012:

 

 ($ in 000's, except per share data)

YTD

GAAP

Results
12/31/13


Special
Charges and
Adjustments


YTD

Adjusted
Results 
12/31/13


YTD

GAAP

Results
12/31/12

Net Interest Income

$  32,615


-


$  32,615


$  31,894

Non-Interest Income

9,216


-


9,216


8,828

Provision for Loan Losses

4,935


(3,760)


1,175


1,350

Non-Interest Expenses

40,411


(4,000)


36,411


35,902

Income (Loss) Before Tax

(3,515)


7,760


4,245


3,470

Provision (Benefit) for Taxes

(35)


-


(35)


(144)

Net Income (Loss)

(3,480)


7,760


4,280


3,614

Earnings (Loss) per Share

$  (0.13)




$  0.16


$  0.14

 

Highlights for the Period Ending December 31, 2013

  • Asset quality improved as non-performing loans decreased by $5.6 million, or 35%, to $10.4 million, or 1.53% of total loans, at December 31, 2013 compared to $16.0 million, or 2.60% of total loans as of December 31, 2012.
  • The percentage of non-performing assets to capital and reserves improved to 19% as of December 31, 2013 compared to 31% as of December 31, 2012. The non-performing loan coverage ratio increased to 118% as of December 31, 2013 compared to 59% as of December 31, 2012.
  • Total loans increased by $61.4 million, or 10%, to $679.3 million as of December 31, 2013 compared to $617.9 million at December 31, 2012.
  • SBA lending continued to be a focal point of the Company's lending strategy. More than $76 million in new SBA loans were originated during the year ended December 31, 2013. Our team is currently ranked as the #1 SBA lender in the tri-state footprint of Pennsylvania, New Jersey and Delaware.
  • Core deposits increased by $24.0 million on a linked quarter basis to $859.3 million as of December 31, 2013 compared to $835.3 million as of September 30, 2013.
  • The net interest margin increased to 3.66% for the year ended December 31, 2013 compared to 3.53% for the year ended December 31, 2012 despite the challenging interest rate environment.
  • Capital levels remain strong with a Total Risk-Based Capital ratio of 11.53% and a Tier I Leverage Ratio of 8.59% at December 31, 2013.
  • Tangible book value per share as of December 31, 2013 was $2.42.

Income Statement

The Company reported a net loss of $3.3 million, or $(0.13) per share, for the three month period ended December 31, 2013, compared to net income of $0.9 million, or $0.03 per share, for the three month period ended December 31, 2012.  The net loss for the year ended December 31, 2013 was $3.5 million, or $(0.13) per share, compared to net income of $3.6 million, or $0.14 per share, for the year ended December 31, 2012.

Earnings in the fourth quarter of 2013 were impacted by a provision for loan losses in the amount of $3.6 million related to a single loan relationship. This loan was determined to be impaired during the fourth quarter and the provision was the result of a significant reduction in the collateral value supporting the loan based upon a current appraisal.  

On a year to date basis, significant charges that impacted earnings during 2013 included the settlement of a lawsuit for $1.9 million in the third quarter and a $2.1 million writedown of an OREO property.  Each of these charges were associated with loans and relationships that were established prior to 2008 under the old Republic Bank model.

The Company continues to lower its cost of funds as evidenced by a decrease of 18 basis points to 0.53% for the twelve month period ended December 31, 2013, compared to 0.71% for the twelve month period ended December 31, 2012. The net interest margin increased to 3.66% for the twelve month period ended December 31, 2013 compared to 3.53% for the twelve month period ended December 31, 2012.

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

 

 

Description

Dec 31,

2013

Dec 31,

2012

 

% Change

Sep 30,

2013

 

% Change







Total assets

$ 961,665

$ 988,658

(3%)

$ 942,868

2%







Total loans (net)

667,048

608,359

10%

641,533

4%







Total deposits

869,534

889,201

(2%)

845,503

3%







Total core deposits

859,301

841,784

2%

835,271

3%







 

Net loans increased by $58.7 million, or 10%, as of December 31, 2013 compared to December 31, 2012.  Core deposits grew by $17.5 million to $859.3 million as of December 31, 2013 compared to $841.8 million as of December 31, 2012.

Core Deposits

Core deposits by type of account are as follows (dollars in thousands):

 

 

 

Description

 

Dec 31,

2013

 

Dec 31,

2012

 

%
Change

 

Sep 30,

2013

 

%

Change

4th Qtr
2013 Cost
of Funds








Demand noninterest-bearing

$ 157,806

$ 145,407

9%

$ 159,384

(1%)

0.00%








Demand interest-bearing

230,221

180,441

28%

188,572

22%

0.38%








Money market and savings

402,671

440,119

(9%)

413,969

(3%)

0.41%








Certificates of deposit

68,603

75,817

(10%)

73,346

(6%)

0.77%








Total core deposits

$ 859,301

$ 841,784

2%

$ 835,271

3%

0.36%








 

Core deposits increased to $859.3 million at December 31, 2013 compared to $841.8 million at December 31, 2012 as the Company continues to focus its effort on the gathering of low-cost core deposits. The Company recognized strong growth in demand account balances on a year to year basis, while at the same time reducing the overall deposit cost of funds to 0.37% for the three month period ending December 31, 2013 compared to 0.51% for the three month period ending December 31, 2012. The retail banking strategy has also enabled the Company to significantly reduce its dependence on wholesale funding sources such as brokered and internet-based certificates of deposit.

Lending

Loans by type are as follows (dollars in thousands):

 

 

Description

Dec 31,

2013

 

% of
Total

 

Dec 31,

2012

 

% of
Total

Sep 30,

2013

 

% of

Total








Commercial real estate

$ 342,794

50%

$ 335,561

54%

$328,486

51%

Construction and land development

23,977

4%

26,659

4%

25,238

4%

Commercial and industrial

118,209

17%

103,768

17%

113,302

17%

Owner occupied real estate

160,229

24%

126,242

21%

150,594

23%

Consumer and other

31,981

5%

23,449

4%

30,595

5%

Residential mortgage

2,359

0%

2,442

0%

2,374

0%

Deferred costs (fees)

(238)


(220)


(352)









Gross loans

$679,311

100%

$617,901

100%

$650,237

100%








 

Gross loans increased by $61.4 million to $679.3 million at December 31, 2013 compared to $617.9 million at December 31, 2012 as a result of an increase in quality loan demand over the last twelve months and continued success with our relationship banking model. 

Asset Quality

The Company's non-performing asset balances and asset quality ratios are highlighted below:

 


Quarter Ended


Dec 31,

2013

Sep 30,

2013

Dec 31,

2012





Non-performing assets / total assets

1.51%

1.43%

2.52%





Quarterly net loan charge-offs / average loans

0.12%

0.54%

0.64%





Allowance for loan losses / gross loans

1.81%

1.34%

1.54%





Allowance for loan losses / non-performing loans

118%

116%

59%





Non-performing assets / capital and reserves

19%

18%

31%





 

Non-performing assets decreased by $10.5 million to $14.5 million, or 1.51% of total assets, at December 31, 2013, compared to $25.0 million, or 2.52% of total assets, as of December 31, 2012. The allowance for loan losses as a percentage of non-performing loans increased to 118% as of December 31, 2013, compared to 59%  as of December 31, 2012.  The ratio of non-performing assets to capital and reserves improved to 19% as of December 31, 2013 compared to 31% as of December 31, 2012.

Capital

The Company's capital regulatory ratios at December 31, 2013 were as follows:

 


 

Republic First Bancorp, Inc.

Regulatory Guidelines

"Well Capitalized"




Leverage Ratio

8.59%

5.00%




Tier 1 Risk Based Capital

10.28%

6.00%




Total Risk Based Capital

11.53%

10.00%




 

Total shareholders' equity was $62.9 million at December 31, 2013 which represented a book value per share of $2.42, based on common shares outstanding of approximately 26.0 million. 

The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as established by federal banking agencies.

About Republic Bank

Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its fourteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Haddonfield, Cherry Hill and Voorhees, New Jersey. For more information about Republic Bank, visit www.myrepublicbank.com.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").  Management uses the non-GAAP measure of net income from operations in its analysis of the Company's performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including non-recurring items or gains or losses that are unusual in nature.  Because certain of these items and their impact on the Company's performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company's core businesses and in comparing such results to results of peer financial institutions. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Forward Looking Statements

The Company may from time to time make written or oral "forward-looking statements", including statements contained in this release and in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.  For example, risks and uncertainties can arise with changes in: general economic conditions, including turmoil in the financial markets and related efforts of government agencies to stabilize the financial system; the adequacy of our allowance for loan losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and expenses; concentrations within our loan portfolio, including our exposure to commercial real estate loans, and to our primary service area; changes in interest rates; business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors, price pressures and similar items; deposit flows; loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; our securities portfolio and the valuation of our securities; accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; litigation liabilities, including costs, expenses, settlements and judgments; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services.  You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2012 and other documents the Company files from time to time with the Securities and Exchange Commission. The words "would be," "could be," "should be," "probability," "risk," "target," "objective," "may," "will," "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" and similar expressions or variations on such expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as may be required by applicable law or regulations.

Logo - http://photos.prnewswire.com/prnh/20100707/PH31611LOGO

 

Republic First Bancorp, Inc.

Consolidated Balance Sheets

(Unaudited)














December 31,


September 30,


December 31,

(dollars in thousands)


2013


2013


2012










ASSETS








Cash and due from banks


$ 12,525


$ 11,468


$ 9,097


Interest-bearing deposits and federal funds sold


23,355


32,837


118,907



Total cash and cash equivalents


35,880


44,305


128,004











Securities - Available for sale


204,891


199,722


189,259


Securities - Held to maturity


21


69


67


Restricted stock


1,570


1,570


3,816



Total investment securities


206,482


201,361


193,142











Loans held for sale


4,931


7,130


82











Loans receivable


679,311


650,237


617,901


Allowance for loan losses


(12,263)


(8,704)


(9,542)



Net loans


667,048


641,533


608,359











Premises and equipment


22,748


21,181


21,976


Other real estate owned


4,059


5,951


8,912


Other assets


20,517


21,407


28,183











Total Assets


$ 961,665


$ 942,868


$ 988,658




























LIABILITIES








Non-interest bearing deposits


$ 157,806


$ 159,384


$ 145,407


Interest bearing deposits


711,728


686,119


743,794



Total deposits


869,534


845,503


889,201











Short-term borrowings


-


-


-


Subordinated debt


22,476


22,476


22,476


Other liabilities


6,756


7,802


7,079











Total Liabilities


898,766


875,781


918,756










SHAREHOLDERS' EQUITY








Common stock - $0.01 par value


265


265


265


Additional paid-in capital


107,078


106,990


106,753


Accumulated deficit


(37,708)


(34,447)


(34,228)


Treasury stock at cost


(3,099)


(3,099)


(3,099)


Stock held by deferred compensation plan


(809)


(809)


(809)


Accumulated other comprehensive income (loss)


(2,828)


(1,813)


1,020











Total Shareholders' Equity


62,899


67,087


69,902




















Total Liabilities and Shareholders' Equity


$ 961,665


$ 942,868


$ 988,658

 

Republic First Bancorp, Inc.

Consolidated Statements of Operations

(Unaudited)


















Three Months Ended


Twelve Months Ended





December 31,


September 30,


December 31,


December 31,


December 31,

(dollars in thousands, except per share amounts)


2013


2013


2012


2013


2012














INTEREST INCOME












Interest and fees on loans


$ 8,181


$ 8,146


$ 8,128


$ 32,335


$ 32,591


Interest and dividends on investment securities


1,321


1,153


1,234


4,685


5,369


Interest on other interest earning assets


42


40


61


185


300



Total interest income


9,544


9,339


9,423


37,205


38,260














INTEREST EXPENSE












Interest on deposits


828


835


1,124


3,478


5,232


Interest on borrowed funds


278


278


282


1,112


1,134



Total interest expense


1,106


1,113


1,406


4,590


6,366















Net interest income


8,438


8,226


8,017


32,615


31,894


Provision for loan losses


3,760


250


750


4,935


1,350















Net interest income after provision for loan losses


4,678


7,976


7,267


27,680


30,544














NON-INTEREST INCOME












Service fees on deposit accounts


277


270


252


1,046


922


Gain on sale of SBA loans


1,475


1,106


2,194


5,338


5,531


Gain (loss) on sale of investment securities


-


-


(37)


703


737


Other non-interest income


459


516


443


2,129


1,638



Total non-interest income


2,211


1,892


2,852


9,216


8,828














NON-INTEREST EXPENSE












Salaries and employee benefits


3,788


4,486


4,407


17,064


16,512


Occupancy and equipment


1,453


1,612


1,353


5,740


5,460


Legal and professional fees


847


902


821


3,298


4,072


Foreclosed real estate


1,408


745


274


3,179


763


Regulatory assessments and related fees


345


327


335


1,257


1,367


Other operating expenses


2,276


4,036


2,079


9,873


7,728



Total non-interest expense


10,117


12,108


9,269


40,411


35,902














Income (loss) before provision (benefit) for income taxes


(3,228)


(2,240)


850


(3,515)


3,470














Provision (benefit) for income taxes


33


(18)


(54)


(35)


(144)














Net income (loss)


$ (3,261)


$ (2,222)


$ 904


$ (3,480)


$ 3,614



























Net Income (Loss) per Common Share












Basic


$ (0.13)


$ (0.09)


$ 0.03


$ (0.13)


$ 0.14


Diluted


$ (0.13)


$ (0.09)


$ 0.03


$ (0.13)


$ 0.14














Average Common Shares Outstanding












Basic


25,973


25,973


25,973


25,973


25,973


Diluted


25,973


25,973


25,994


25,973


25,992

 

Republic First Bancorp, Inc.

Average Balances and Net Interest Income

(unaudited)




























































For the three months ended


For the three months ended


For the three months ended

(dollars in thousands)


December 31, 2013


September 30, 2013


December 31, 2012
























Interest






Interest






Interest





Average


Income/


Yield/


Average


Income/


Yield/


Average


Income/


Yield/



Balance


Expense


Rate


Balance


Expense


Rate


Balance


Expense


Rate

Interest-earning assets:






































Federal funds sold and other interest-earning assets


$ 61,963


$ 42


0.27%


$ 58,532


$ 40


0.27%


$ 95,227


$ 61


0.25%

Securities


206,259


1,361


2.64%


197,283


1,183


2.40%


193,119


1,298


2.69%

Loans receivable


663,567


8,226


4.92%


641,698


8,192


5.06%


626,916


8,164


5.18%

Total interest-earning assets


931,789


9,629


4.10%


897,513


9,415


4.16%


915,262


9,523


4.14%




















Other assets


46,363






45,652






58,879
























Total assets


$ 978,152






$ 943,165






$ 974,141
























Interest-bearing liabilities:






































Demand non interest-bearing


$ 159,956






$ 150,915






$ 142,716





Demand interest-bearing


218,275


210


0.38%


198,341


213


0.43%


178,658


229


0.51%

Money market & savings


419,982


431


0.41%


410,402


425


0.41%


425,205


561


0.52%

Time deposits


81,744


187


0.91%


85,576


197


0.91%


128,005


334


1.04%

Total deposits


879,957


828


0.37%


845,234


835


0.39%


874,584


1,124


0.51%




















Total interest-bearing deposits


720,001


828


0.46%


694,319


835


0.48%


731,868


1,124


0.61%




















Other borrowings


22,476


278


4.91%


22,476


278


4.91%


22,547


282


4.98%




















Total interest-bearing liabilities


742,477


1,106


0.59%


716,795


1,113


0.62%


754,415


1,406


0.74%




















Total deposits and other borrowings


902,433


1,106


0.49%


867,710


1,113


0.51%


897,131


1,406


0.62%




















Non interest-bearing liabilities


9,312






7,313






7,623





Shareholders' equity


66,407






68,142






69,387





Total liabilities and shareholders' equity


$ 978,152






$ 943,165






$ 974,141
























Net interest income




$ 8,523






$ 8,302






$ 8,117



Net interest spread






3.51%






3.54%






3.40%




















Net interest margin






3.63%






3.67%






3.53%


























































Note: The above tables are presented on a tax equivalent basis.

 

 

Republic First Bancorp, Inc.

Average Balances and Net Interest Income

(unaudited)










































For the twelve months ended


For the twelve months ended

(dollars in thousands)


December 31, 2013


December 31, 2012


















Interest






Interest





Average


Income/


Yield/


Average


Income/


Yield/



Balance


Expense


Rate


Balance


Expense


Rate

Interest-earning assets:


























Federal funds sold and other













  interest-earning assets


$   67,307


$     185


0.27%


$ 116,268


$     300


0.26%

Securities


192,315


4,820


2.51%


187,446


5,622


3.00%

Loans receivable


640,233


32,523


5.08%


609,943


32,734


5.37%

Total interest-earning assets


899,855


37,528


4.17%


913,657


38,656


4.23%














Other assets


50,616






56,149


















Total assets


$ 950,471






$ 969,806


















Interest-bearing liabilities:


























Demand non interest-bearing


$ 149,125






$ 136,999





Demand interest-bearing


192,224


825


0.43%


146,319


796


0.54%

Money market & savings


417,652


1,786


0.43%


433,422


2,718


0.63%

Time deposits


92,484


867


0.94%


155,549


1,718


1.10%

Total deposits


851,485


3,478


0.41%


872,289


5,232


0.60%














Total interest-bearing deposits


702,360


3,478


0.50%


735,290


5,232


0.71%














Other borrowings


22,476


1,112


4.95%


22,531


1,134


5.03%



























Total interest-bearing liabilities


724,836


4,590


0.63%


757,821


6,366


0.84%

Total deposits and 













  other borrowings


873,961


4,590


0.53%


894,820


6,366


0.71%



























Non interest-bearing liabilities


7,902






7,573





Shareholders' equity


68,608






67,413





Total liabilities and













shareholders' equity


$ 950,471






$ 969,806


















Net interest income




$32,938






$32,290



Net interest spread






3.54%






3.39%














Net interest margin






3.66%






3.53%








































Note: The above tables are presented on a tax equivalent basis.

 

Republic First Bancorp, Inc.

Summary of Allowance for Loan Losses and Other Related Data

(unaudited)






















Three months ended


Twelve months ended


December 31,


September 30,


December 31,


December 31,


December 31,

(dollars in thousands)

2013


2013


2012


2013


2012





















Balance at beginning of period

$         8,704


$         9,332


$         9,798


$         9,542


$       12,050











Provision charged to operating expense

3,760


250


750


4,935


1,350


12,464


9,582


10,548


14,477


13,400











Recoveries on loans charged-off:










  Commercial

48


10


-


117


105

  Consumer

-


1


1


26


29

Total recoveries

48


11


1


143


134











Loans charged-off:










  Commercial

(249)


(889)


(1,007)


(2,282)


(3,890)

  Consumer

-


-


-


(75)


(102)











Total charged-off

(249)


(889)


(1,007)


(2,357)


(3,992)











Net charge-offs

(201)


(878)


(1,006)


(2,214)


(3,858)











Balance at end of period

$       12,263


$         8,704


$         9,542


$       12,263


$         9,542





















Net charge-offs as a percentage of










  average loans outstanding

0.12%


0.54%


0.64%


0.35%


0.63%











Allowance for loan losses as a percentage










  of period-end loans

1.81%


1.34%


1.54%


1.81%


1.54%

 

 

Republic First Bancorp, Inc. 

Summary of Non-Performing Loans and Assets

(unaudited)












December 31,


September 30,


June 30,


March 31,


December 31,

(dollars in thousands)

2013


2013


2013


2013


2012











Non-accrual loans:










  Commercial real estate

$          9,764


$          6,833


$        12,673


$        14,415


$        14,850

  Consumer and other

656


662


667


700


996

Total non-accrual loans

10,420


7,495


13,340


15,115


15,846











Loans past due 90 days or more










  and still accruing

-


-


-


-


202











Total non-performing loans

10,420


7,495


13,340


15,115


16,048











Other real estate owned

4,059


5,951


6,584


8,268


8,912











Total non-performing assets

$        14,479


$        13,446


$        19,924


$        23,383


$        24,960





















Non-performing loans to total loans

1.53%


1.15%


2.09%


2.41%


2.60%











Non-performing assets to total assets

1.51%


1.43%


2.17%


2.52%


2.52%











Non-performing loan coverage

117.69%


116.13%


69.96%


61.88%


59.46%











Allowance for loan losses as a percentage










  of total period-end loans

1.81%


1.34%


1.46%


1.49%


1.54%











Non-performing assets / capital plus










   allowance for loan losses

19.26%


17.74%


25.32%


29.28%


31.42%

 

 

SOURCE Republic First Bancorp Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo, moderated by Ashar Baig, Research ...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application with the StackIQ software stack.
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do today to safely move to software-defined network and compute architectures, including: How normal ope...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...